Forex pair USDCAD, moving in range of 600 pips for the last 1 year.
Some months ago on 28. December the pair hit double top at resistance 1.35890. In next some weeks, will we careful looking at this zone.
We will trade a short position on USDCAD at price 1.35890, if we will see a daily bearish price action at that level of resistance.
Risk reward on that trade will be very high. We looking for 1:5 or 1:10 risk reward.
We will set take profit at first daily support zone at price 1.33885 or we will put it on support some pips lower at 1.32851.
Support zone 1.32851 is 50% retracement of the highest price on December last year and the lower price of this year.
Keep in mind that with the first round of the French elections coming up on April 23rd, volatility is all but guaranteed to increase. As such, I’ll be on the sideline for the remainder of this week and will also use relatively small positions to scale in should a favorable setup materialize.
Have a great week !
Check the upside technical analysis.
Performed by analytical expert: Urban Stamcar
Some months ago on 28. December the pair hit double top at resistance 1.35890. In next some weeks, will we careful looking at this zone.
We will trade a short position on USDCAD at price 1.35890, if we will see a daily bearish price action at that level of resistance.
Risk reward on that trade will be very high. We looking for 1:5 or 1:10 risk reward.
We will set take profit at first daily support zone at price 1.33885 or we will put it on support some pips lower at 1.32851.
Support zone 1.32851 is 50% retracement of the highest price on December last year and the lower price of this year.
Keep in mind that with the first round of the French elections coming up on April 23rd, volatility is all but guaranteed to increase. As such, I’ll be on the sideline for the remainder of this week and will also use relatively small positions to scale in should a favorable setup materialize.
Have a great week !
Check the upside technical analysis.
Performed by analytical expert: Urban Stamcar